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DBS chief Piyush Gupta takes 30% variable pay cut over banking outages

He is still expected to take home over S$11 million amid bank’s ‘blowout’ FY2023 performance

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Tan Nai Lun

Tan Nai Lun

Published Wed, Feb 7, 2024 · 04:50 PM
    • The cut in variable pay likely means that DBS CEO Piyush Gupta will lose his bragging rights as the highest-paid executive among the three local banks.
    • The cut in variable pay likely means that DBS CEO Piyush Gupta will lose his bragging rights as the highest-paid executive among the three local banks. PHOTO: BLOOMBERG

    SINGAPORE’S largest bank DBS is cutting the variable pay of its management committee, including chief executive Piyush Gupta, as its members take accountability for the bank’s digital disruptions in 2023.

    Variable pay of the group management committee is collectively reduced by 21 per cent, while Gupta will take a deeper cut of 30 per cent, the bank said in its fourth-quarter results release on Wednesday (Feb 7).

    This means that Gupta’s variable pay for 2023 will be slashed by S$4.14 million to S$9.66 million.

    DBSFinancial resultsSingapore banks

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